Some major Oil Marketing Companies (OMCs) have begun adjusting pump prices as the first pricing window of September takes shape.
The adjustments come after several major OMCs, with the exception of Star Oil, initially maintained their pump prices despite industry projections of higher petrol and diesel prices for the September first pricing window.
Star Oil has, for the second time in the first pricing window of September, increased its pump prices, raising diesel from GH¢16.97 to GH¢17.26 per litre and petrol from GH¢14.97 to GH¢15.43 per litre.
The company has, however, maintained the price of RON 95 at GH¢17.97 per litre.
Star Oil attributed the latest adjustments to increases in international refined petroleum product prices, despite the recent appreciation of the Ghana cedi.
State-owned GOIL, meanwhile, has maintained the prices it adopted during the second pricing window of August.
A litre of petrol is selling at GH¢15.43, while diesel is priced at GH¢17.26. Super XP 95 remains at GH¢17.97 per litre.
GOIL said maintaining its prices across the various products are intended to provide some relief to consumers at the pumps.
Shell has also maintained its petrol and diesel prices at GH¢15.99 and GH¢17.59 per litre, respectively, according to checks on Wednesday morning. V-Power is selling at GH¢17.99 per litre.
TotalEnergies, on the other hand, has increased its petrol price from GH¢15.99 to GH¢16.18 per litre, while diesel remains at GH¢17.59 per litre.
Excellium 95 is retailing at GH¢17.99 per litre at TotalEnergies outlets.
The varying price movements reflect the competitive dynamics in Ghana’s downstream petroleum market, with OMCs closely monitoring international refined petroleum product prices, exchange-rate developments and competitors’ pricing decisions.
With Brent crude trading above $95 per barrel amid renewed geopolitical tensions in the Middle East, sustained pressure on international oil markets could trigger further adjustments at the pumps if the trend persists.
September price floors
The NPA’s price floors for the first pricing window of September increased for petrol and diesel compared with the second pricing window of August.
The price floor for petrol has been set at GH¢14.53 per litre, up from GH¢13.92 in the second pricing window of August.
For diesel, the price floor has increased to GH¢15.60 per litre from GH¢15.19.
LPG is the only major petroleum product to record a reduction in its price floor, declining to GH¢10.85 per kilogram from GH¢10.98 per kilogram in the second pricing window of August.
Price floors represent the minimum thresholds at which OMCs and LPG Marketing Companies can retail petroleum products during a pricing window.
Under the Petroleum Product Pricing Guidelines, all OMCs and LPGMCs are required to comply with the applicable price floors.
The floors, however, exclude premiums charged by International Oil Trading Companies, operating margins of Bulk Import, Distribution and Export Companies, as well as marketers’ and dealers’ margins.
These components are independently determined by the respective companies in line with the pricing guidelines.
Government extends diesel intervention
Meanwhile, government has extended the GH¢2 per litre reduction in the regulatory margin on diesel into the pricing window of September as part of measures to cushion consumers against rising petroleum prices.
The intervention is expected to moderate the impact of higher international petroleum product prices on diesel consumers as OMCs review their pump prices.
